Tighter cost controls enabled the Indonesian grab-and-go coffee chain to significantly narrow its losses in 2024. With a major international push now firmly underway, Kopi Kenangan could also be poised for a $1.4bn valuation
Indonesia’s Kopi Kenangan expects to turn its first net profit after narrowing annual losses in 2024 and issuing a strong sales forecast for 2025.
Founded in 2017, Kopi Kenangan currently operates nearly 1,000 outlets in Indonesia and a further 150 stores across five international markets, where it trades as Kenangan Coffee.
The premium coffee chain posted 24% year-on-year net revenue growth for the 12 months ended 31 December 2024 to reach $119m and expects full-year 2025 revenues to increase by a further 50% to $180m.
After investing in international expansion, including a debut in the Philippines in November 2024, Kopi Kenangan narrowed its full-year losses from $18.4m in 2023 to $2.3m in 2024, according to a filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
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